Cleveland-Cliffs Inc (NYSE:CLF)’s share price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $11.66 and last traded at $11.47, with a volume of 614765 shares. The stock had previously closed at $11.27.
A number of equities analysts have recently issued reports on CLF shares. Citigroup started coverage on Cleveland-Cliffs in a research note on Wednesday, June 6th. They issued a “buy” rating and a $11.00 price target on the stock. Zacks Investment Research downgraded Cleveland-Cliffs from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 6th. Macquarie started coverage on Cleveland-Cliffs in a research note on Tuesday, June 26th. They issued an “outperform” rating on the stock. Morgan Stanley raised their price target on Cleveland-Cliffs from $7.50 to $8.00 and gave the stock an “equal weight” rating in a research note on Friday, June 29th. Finally, ValuEngine downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research note on Wednesday, July 4th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. Cleveland-Cliffs has a consensus rating of “Buy” and an average target price of $10.80.
The firm has a market capitalization of $3.32 billion, a P/E ratio of 23.02 and a beta of 1.71. The company has a quick ratio of 2.72, a current ratio of 3.26 and a debt-to-equity ratio of -7.50.
Cleveland-Cliffs (NYSE:CLF) last announced its earnings results on Friday, July 20th. The mining company reported $0.76 EPS for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.20. Cleveland-Cliffs had a negative return on equity of 76.39% and a net margin of 20.07%. The company had revenue of $714.00 million for the quarter, compared to analysts’ expectations of $653.75 million. During the same period last year, the firm earned $0.26 EPS. Cleveland-Cliffs’s revenue for the quarter was up 51.6% compared to the same quarter last year. equities analysts predict that Cleveland-Cliffs Inc will post 2.06 EPS for the current year.
A number of institutional investors have recently made changes to their positions in the stock. HRT Financial LLC bought a new position in Cleveland-Cliffs in the 2nd quarter worth $196,000. Public Employees Retirement System of Ohio bought a new position in Cleveland-Cliffs in the 2nd quarter worth $1,613,000. Global X Management Co LLC raised its holdings in Cleveland-Cliffs by 18.8% in the 2nd quarter. Global X Management Co LLC now owns 72,194 shares of the mining company’s stock worth $609,000 after purchasing an additional 11,424 shares during the period. Bank of Nova Scotia bought a new position in Cleveland-Cliffs in the 2nd quarter worth $165,000. Finally, Griffin Asset Management Inc. raised its holdings in Cleveland-Cliffs by 23.6% in the 2nd quarter. Griffin Asset Management Inc. now owns 196,310 shares of the mining company’s stock worth $1,655,000 after purchasing an additional 37,515 shares during the period. 67.57% of the stock is currently owned by institutional investors.
Cleveland-Cliffs Company Profile (NYSE:CLF)
Cleveland-Cliffs Inc operates as an iron ore mining company in the United States. The company operates four iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia. It sells its products to integrated steel companies and steel producers in the United States and the Asia Pacific.
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